Bitcoin has risen above $70,000, indicating that the bulls are back in the driver’s seat.
Bitcoin (BTC) has started the week positively and is trying to maintain above the $70,000 level. Analysts are hopeful of a reversal this week following five successive days of negative inflows into spot Bitcoin exchange-traded funds (ETFs) last week.
Goldman Sachs said its clients are showing a strong appetite for the firm’s future and options offerings. Max Minton, head of digital assets for Goldman Asia Pacific, said the firm’s larger clients were showing greater interest in the crypto sector following the launch of the spot Bitcoin ETFs.
The demand for spot Bitcoin ETFs is likely to remain strong barring a sharp fall in Bitcoin. That could keep the retracements shallow as market participants will jump in to buy the dips.